The number of oil rigs in the U.S. increased to 807 in the week ending May 3, up by 2 over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
Despite the increase in the oil rig count, oil prices rose on Friday on strong U.S. employment data.
According to the Department of Labor, the country added 263,000 new jobs in April, exceeding expectations of 190,000. The unemployment rate fell to 3.6 percent, its lowest rate since December 1969. The expected rate was 3.8 percent.
Following this data, international benchmark Brent crude closed Friday at $71.40 per barrel, marking a 0.66 percent increase over Thursday's closing price of $70.93.
American benchmark West Texas Intermediate (WTI) was also up on Friday, closing at $61.94 a barrel versus $61.52 on the previous day.
By Hale Turkes